Thursday, 3 September 2015

A big mortgage mistake

Today is a great frugal day! I made $89.85 in $10 minutes

However that being said it was nearly a sweat the small stuff catastrophe!

A mortgage I have on an investment property was due on Monday and a payment I was expecting didn't come in. I had enough money to cover the cost in a different account but wasn't paying attention. Today I received phone call from the bank saying the payment was not received for the mortgage and now I was being charged interest (only $0.15 at that point) but also a $45.00 service fee. I looked at the bank account that the payment should have come from and I noticed an additional $45.00 non-sufficient funds charge! So one from the bank and one from the mortgage department.

For a frugal person that always sweats the small stuff this $90.15 hit to my finances was also a hit to my pride. My wife was not happy and therefore I was not happy (remember happy wife, happy life). Then Mrs. Frugal said "call them back and ask the mortgage department to waive the fee". As a no fee banking establishment I thought there was no chance but I called anyway. After getting transfered 3 times I found someone that could assist me. I mentioned that I carry 3 mortgages with them right now and have had 5 from them in total and never had been late before so I would like them to consider waiving the $45.00 mortgage company fee. He actually waived both and returned a full $90.00 of penalty fees.

The moral of this story is that I learnt a huge sweat the small stuff lesson about paying attention to my finances and that having nothing to lose is the best negotiating position and all that lesson cost me in the end was $0.15. Phew!

Do you have a story you want to tell, leave me a comment, I would love to hear about it!

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